Kentucky Senator Rand Paul said Wednesday that he is suspending his Republican campaign for the presidency, just two days after finishing in fifth place at the Iowa caucuses.

"It's been an incredible honor to run a principled campaign for the White House," Paul said just two days after the Iowa caucuses, ABC News reports. "Today, I will end where I began, ready and willing to fight for the cause of liberty."

Paul, the son of former Texas Rep. Ron Paul, gained a substantial following with his campaign focused on defending liberty and shrinking the federal government's influence. Read more at ABC News.

Serving in the Senate since 2011, Paul has announced that he will be running for reelection this year, according to The New York Times. He said on Wednesday, "I will continue to carry the torch for Liberty in the United States Senate and I look forward to earning the privilege to represent the people of Kentucky for another term," the Huffington Post reports.

In addition to running two campaigns, he also faced difficulty in breaking up the crowded GOP field. He failed to make the cut for the main stage of the Jan. 14 debate, and instead of participating in the earlier debate, Paul boycotted the event entirely. Read more at the Huffington Post.